On Wednesday, the Center issued a directive requiring edible oil producers to further lower the maximum retail price (MRP) of imported cooking oils by up to Rs 10 per litre within a week. The action coincides with a decline in world oil prices.
This move came after the prices of edible oils had reduced significantly in the international market in the last few days. India meets around 56 percent of its annual edible oil demand from imports. Hence, a dip in the edible oil prices in the international market has a direct impact on the local market.
“We made a detailed presentation and told them that global prices have declined by 10 percent in the last one week alone. This should be passed on to consumers. We have asked them to reduce the MRP,” said Sudhanshu Pandey, Union food secretary, according to news agency PTI. Pandey called a meeting of all edible oil associations and major manufacturers to discuss the current trend and pass on the falling global prices to consumers by reducing the MRPs.
“We made a detailed presentation and told them that global prices have declined by 10 percent in the last one week alone. This should be passed on to consumers. We have asked them to reduce the MRP,” Pandey was quoted by PTI.
The manufacturers have promised to cut the MRP for all oils including palm, soybean, and sunflower by next week.
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